Stitch Fix, a subscription clothing service, has filed confidentially to go public, according to TechCrunch, citing sources. The company has been rumored to be going public for months, with Reuters reporting in May that the company had hired Goldman Sachs and JPMorgan Chase & Co. to underwrite the offering. Under the JOBS Act, companies are able to file confidentially before releasing a public prospectus. In late June, the Securities and Exchange Commission moved to allow confidential filing for all companies, rather than the previous standard of companies with annual revenue of less than $1 billion. Stitch Fix would be another test of a subscription service model, after Blue Apron Holdings Inc.'s offering earlier this month. Shares of Blue Apron have fallen 28% month-to-date, while the S&P 500 has gained 2%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below